Abstract Over the last decades, the exploitation of cutting-edge nanotechnology in forestry sector is in its infancy stage and, therefore presently, much efforts have been devoted in the same direction toward the development of nanosized forest/fiber-based products, improved UV/water/pest-resistant wood, and so on. In forestry sector/industry, the nanotechnology is considered as the potential platform, which can transform the forest materials into value-added products, such as smart paper, nanopackaging, coating material, building construction, biomedical, and other sectors. In addition, the forest materials are also seen as promising alternative for nonrenewable materials, owing to their sustainability, durability, cost-effectiveness, renewability, and so on. As a result, forest sector has the potential to contribute the bioeconomy significantly at global level. Overall, the present chapter provides a recent insight into the various potential applications, including challenges of forest-based nanomaterials.